A study was conducted to assess the livelihoods of the people involved in pangasiid catfish (Pangasius hypophthalamus) farming in four subdistricts of Mymensingh district in Bangladesh such as Mymensingh sadar, Muktagacha, Bhaluka and Trisal subdistrict from April 2005 to March 2006 using Participatory Rural Appraisal (PRA) tools. For this study, a total of 117 respondents were randomly chosen, among them 7 hatchery owners, 20 nursery pond owners, 20 fingerling traders, 30 Pangus farmers, 40 market intermediaries were selected from different points in Mymensingh district. After Pangus farming, the average annual income of each hatchery owner, nurserer, fingerling trader, farmer and fish trader was estimated at Tk. 253,640 Tk. 364,945, Tk. 44,190, Tk. 452,172 and Tk. 171,091, respectively. Though there were some problems existing in Pangus farming and marketing system, livelihood outcomes were positive, and among the respondents, 100% hatchery owners, 90% nurserers, 60% fingerling traders, 93% Pangus farmers and 80% fish traders have improved their socio-economic conditions through their respective professions with pangasiid catfish farming.